Before proceeding further to understanding our
investment proposal appraisal process, it needs to be mentioned that no
evaluation process, no matter how
meticulous, can ever be totally infallible. As an example, a
story about the early years of the well known music group
"The Beatles" :-

A story about
"The Beatles"

The Beatles' journey from
Liverpudlian obscurity to worldwide fame and fortune (with not a little
notoriety along the way too) has been well documented -- from their first
album ("Please Please Me") to a seminal achievement ("Sgt. Pepper's Lonely
Hearts Club Band") and thence to their last album ("Abbey
Road").

What is not
so well known is the story of their initial rejection. This episode is a good
illustration of the above point about the inherent fallibility of any
evaluation process, no matter how detailed.

"The
Beatles" auditioned for Decca Records in January 1962 but were turned down
because the company felt that the entire genre of guitar groups was
not hot!! They got only rejections and disappointments for several
more months thereafter. Finally, George Martin, a producer at
Parlophone (then a subsidiary of EMI) gave them a chance which led to
their first recording session on Sept. 4, 1962 at
EMI.

The next
page discusses certainCaveats and
Clarifications on the evaluation
process. The succeeding pages then go on to describe the investment
evaluation process sequentially.